New Delhi, Oct. 21 -- Jio Platforms Ltd's Rs 30,213-crore initial public offering was fully subscribed within 100 minutes of opening on Wednesday, making it the fastest-subscribed mega IPO in India, with investors placing bids worth about Rs 69,800 crore for 62.36 crore shares by 5 pm, according to exchange data.
The issue, which is set to become India's largest-ever IPO, was subscribed 3.16 times the 19.75 crore shares on offer, with institutional investors leading demand. The offering will remain open until October 23.
Taken together with the commitments by anchor investors earlier this week, the IPO has attracted about Rs 77,892 crore.
The total demand till now comes to Rs 3.20 lakh crore after considering bids made in the anchor round and public subscription.
On the opening day of the IPO, qualified institutional buyers (QIBs) bid for 46.15 crore shares against 4.90 crore shares reserved for them, representing 9.42 times subscription, according to the latest cumulative demand data.
Non-institutional investors bid for 6.13 crore shares, or 1.68 times their allocated portion.
Retail individual investors bid for 6.18 crore shares against 8.50 crore shares reserved for the category, translating into a subscription of 0.73 times.
This marks the highest retail demand for any IPO on day 1 in India's capital market history.
The employee portion was subscribed 1.37 times, while the shareholder reservation portion attracted bids for 1.46 times its allocated portion.
It took just 100 minutes for shares on offer to be lapped up by investors when the IPO opened for subscription on Wednesday, stock exchange data showed.
The early pace sets Jio apart from other large Indian offerings.
Bajaj Housing Finance's IPO was fully subscribed by 2 pm on its opening day, and LG Electronics India's offering reached full subscription by the end of day 1 in 2025.
Hyundai Motor India's Rs 27,870-crore IPO, which held the previous record for India's largest public offering, was subscribed just 18 per cent by the end of its first day in 2024.
Jio's offering is also structurally different from those of Hyundai and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio is issuing up to 27 crore new shares, meaning the proceeds will go to the company rather than to shareholders selling their holdings.
Priced at Rs 1,065 to Rs 1,119 a share, the IPO would value Jio Platforms at about USD 108 billion at the upper end of the range. The offering is set to surpass Hyundai Motor India's record and marks a landmark public-market test for the digital and telecom business of Reliance Industries Ltd, controlled by billionaire Mukesh Ambani.
The IPO is a major test of investor appetite for Jio's ambition to expand beyond telecom connectivity into digital services, cloud computing and artificial intelligence. The company has cited a customer base of 533.3 million as a foundation for these businesses, seeking to convert its scale in connectivity into higher-margin enterprise and technology revenue.
The latest figures show institutional investors continuing to drive the offering, while retail demand is building more gradually. The final subscription figures could change before the offer closes on Friday.
The IPO comprises an entirely fresh issue of 27 crore shares, priced between Rs 1,065 and Rs 1,119 apiece. At the upper end of the price band, Jio Platforms will raise about Rs 30,213 crore and command a valuation of roughly USD 108 billion. Neither parent Reliance Industries Ltd nor its other existing shareholders are selling shares in the offering.
Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band. The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, more than 30 times the allocation available.
Published by HT Digital Content Services with permission from Millennium Post.